LOANS & CREDIT
Home Equity Line of Credit Special
Utilize the equity you’ve built. Whether it’s for making home improvements, consolidating debt, or anything in between, consider it covered.
- Draw from your line at any time and use only what is needed
- Direct link allows you to access your line at any time with free check writing privileges
- Interest may be tax deductible, consult a tax advisor
- Use for most any purpose
- Streamlined application process
- $10 minimum balance in the Share Savings account is required to apply for this loan
*Annual Percentage Rate (APR) may change at any time. Introductory 1.75% APR is fixed for first 12 complete billing cycles and variable thereafter. Rates vary based on credit worthiness and are subject to change based on the prime rate. The Home Equity Line of Credit is an adjustable rate with a floor of 3.50% and a ceiling of 18%. For your protection, rate cannot increase more than 2% annually and 6% above the variable rate at the time of closing or the maximum permitted by law, whichever is less. Available for 1-4 family, owner-occupied properties in New Jersey. Homeowners insurance is mandatory, flood insurance may be required. A mortgage recording fee of $100 is due at closing, subject to change based on county regulations. Maximum credit line is $500,000 for first lien, $250,000 for second lien with a minimum draw of $100. This offer does not apply to current FJCU credit lines or fixed loans. Minimum line is $5,000. The APR may vary each billing cycle during the ten (10) year draw period. At the end of the draw period, FJCU may decide to renew the draw period or may require you to repay any outstanding balance over a maximum ten (10) year term. Once this introductory rate home equity line of credit (HELOC) has been opened, the borrower(s) may not obtain this same product from us anytime within the next 24 month period unless the borrower reapplies and is approved for a credit limit that is higher than the original credit limit granted. An application fee of $150 is due with the application, which will be refunded at closing. Maximum loan to value is 80%. We are not responsible for errors and omissions. Contact the Loan Department for details.